Cowen launches defence of Nama
Taoiseach Brian Cowen has launched a strong defence of the Government's Nama plan and has rejected claims that it is a bailout for banks and developers.
Speaking on RTÉ's 'Prime Time' last night, Mr Cowen said the Government's sole motivation in setting up the controversial agency was to get credit flowing in the economy.
He said developers would still owe the full value of their loans to Nama and both the banks and the developers would still face the consequences of the risks they took.
He said taxpayers' money would be protected in the scheme.
Meanwhile, Mr Cowen also used the interview to push the case for a 'Yes' vote in the forthcoming re-run of the Lisbon Treaty referendum.
He claimed ratification of the treaty was crucial to Ireland's economic recovery and future prosperity.
